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File Number: 18-139 <br />summarizes practices and procedures employed by the City. <br />Documents <br />Preliminary Official Statement - The Preliminary Official Statement for the Refunding Bonds is <br />the document that provides disclosure to investors and potential investors regarding the terms of <br />the Refunding Bonds, the 2008 TABs, security for the Refunding Bonds, risk factors and <br />information concerning the Project Area, among other information. <br /> <br />The attached Preliminary Official Statement has been reviewed and approved for transmittal to <br />the Board by the Successor Agency’s financing team. The distribution of the Preliminary Official <br />Statement by the Successor Agency is subject to federal securities laws, including the Securities <br />Act of 1933 and the Securities Exchange Act of 1934. These laws require the Preliminary Official <br />Statement to include all facts that would be material to an investor in the Refunding Bonds. <br />Material information is information that there is a substantial likelihood would have actual <br />significance in the deliberations of the reasonable investor when deciding whether to buy or sell <br />the Refunding Bonds. If the Board concludes that the Preliminary Official Statement includes all <br />facts that would be material to an investor in the Refunding Bonds, it must adopt a resolution that <br />authorizes staff to execute a certificate to the effect that the Preliminary Official Statement has <br />been “deemed final.” <br />The Securities and Exchange Commission (SEC), the agency with regulatory authority over the <br />Successor Agency’s compliance with the federal securities laws, has issued guidance as to the <br />duties of the Board with respect to its approval of the Preliminary Official Statement. In its “Report <br />of Investigation in the Matter of County of Orange, California as it Relates to the Conduct of the <br />Members of the Board of Supervisors” (Release No. 36761 / January 24, 1996) (the “Release”), <br />the SEC indicated that, if a member of the Board has knowledge of any facts or circumstances <br />that an investor would want to know about prior to investing in the Refunding Bonds, whether <br />relating to their repayment, tax-exempt status, undisclosed conflicts of interest with interested <br />parties, or otherwise, he or she should endeavor to discover whether such facts are adequately <br />disclosed in the Preliminary Official Statement. In the Release, the SEC indicated that the steps <br />that a member of the Board could take include becoming familiar with the Preliminary Official <br />Statement and questioning staff and consultants about the disclosure of such facts. <br />Debt Management Policy - This policy was drafted to comply with new Government Code <br />requirements that all public agencies issuing debt in California are now required to adopt debt <br />management policies in compliance with Senate Bill 1029. The City Council acting as the <br />Successor Agency Board and as the boards of the San Leandro Public Financing Authority and <br />the City of San Leandro Parking Authority must adopt the Debt Management Policy prior to <br />completing the Refunding Bonds transaction. <br /> <br />Current City Council Policy <br />The City Council and Successor Agency Board must approve municipal debt issues that impact <br />their financial position. <br />Previous City Council Action(s) <br />The City Council approved this refunding on 12/18/17. <br />Page 3 City of San Leandro Printed on 3/27/2018 <br />90